Known palladium and rhenium catalysts have been found to be of limited value when used for the hydrogenation of chemical compounds which contain multiple sites of unsaturation because of their lack of selectivity and their propensity for excessive hydrogenation (i.e. over-reduction). Such catalysts are unable to selectively hydrogenate one unsaturated bond in the presence of other sites of unsaturation to produce a desired compound, or instead over-reduce the material. Catalysts that are able to selectively hydrogenate a chemical compound which contains multiple sites of unsaturation, and with high catalytic activity (i.e., high turnover frequency), are needed.